Hyundai Ioniq 5 Gets Massive Rs. 4.0 Lakh Discount | V3Cars
Hyundai are offering the Ioniq 5 with a big Rs. 4.0 lakh discount on the 2024 model year examples of the electric hatchback. This is the first time ever that the Ioniq 5 is getting any kind of discount, let alone a mid-6-figure one. The Ioniq 5 went on sale back in January of 2023 at Rs. 44.95 lakh and since then, its price has jumped to Rs. 46.05 lakh. This discount brings its price down to Rs. 42.05 lakh — give or take.
The price drop comes as pressure on EVs in its price range is intensifying. First, the BYD Seal launched at Rs. 41.0 lakh, which is much less than that of the Ioniq 5. Even with the larger battery pack, the BYD Seal RWD variant costs only Rs. 45.55 lakh. Then came the BYD Sealion 7 SUV, which starts around Rs. 49.0 lakh. If that wasn’t enough, the final blow came from the BMW iX1 LWB, which costs Rs. 49.0 lakh.
Perhaps some buyers would have chosen the familiar Hyundai brand even at close to Rs. 50.0 lakh price point. But the blow from BMW just makes the Ioniq 5 redundant as BMW are an established luxury car brand. A more conventional SUV body style or the BMW badge, either one could easily justify the Rs. 3.0 lakh price difference over the Ioniq 5’s ~Rs. 46.0 lakh asking price.
Price Instability In EVs
This discount brings me to the point of price instability in the Indian EV market. Early in 2024, the ZS EV had a starting price of almost Rs. 24.0 lakh but soon they dropped to ~Rs. 19.0 lakh. With the ongoing discounts, you can buy it for about Rs. 16.5 lakh ex-sh. That’s a drop of almost Rs. 7.50 lakh in barely over a year.
Also Read: Scoop: MG ZS EV Base Model Gets ~2.50 Lakh Discounts In Feb 2025
Note: If you want to buy a new car, Calculate Car Loan EMI with V3Cars
Why So Many Price Drops In EVs?
Part of this instability is coming from weakening demand for cars in general. On top of that, the EV components are also losing their value as more competitors enter the market and the raw material costs go down.
The evolution in the EV tech space will make their prices even more unstable. What is considered acceptable today may soon become old as new-age tech replaces them. Finally, the lack of a clear long-term policy from the central and state governments leaves a lot of questions unanswered, thus adding to the instability in the Indian EV space.
We suggest you make the most of this uncertainty and negotiate your way through this to get more than 4 lakh in discounts. Check out the following article to learn how you can negotiate while buying a new car.
How To Get The Best Discount On Buying New Car (11 Tips)
Note: Calculate Car Fuel Cost with V3Cars for India and Other Countries
ABOUT THE AUTHOR
Mahesh Yadav
Mahesh is a fan of compact, quirky and underrated vehicles that punch above their weight. Multix, Nano and Navi are his favorites.
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Palisade
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Ioniq 5 Important Links